2012

AsiaBaseMetals Inc. Announces Private Placement

January 23, 2012

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

AsiaBaseMetals Inc. (the "Company") (TSX VENTURE:ABZ) is pleased to announce that it intends to raise up to $575,000 through a non-brokered private placement of up to 2,875,000 common shares at a price of $0.20 per share.

The proceeds of the private placement will be used to fund due diligence respecting the Company's previously announced Laos Potash Project and for general working capital purposes.

The Company will pay a cash finders' fee on a portion of the offering equal to 7% of the aggregate gross proceeds received from subscribers introduced to the Company by the finders.

The private placement is subject to acceptance by the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS

Raj Chowdhry, C.A., President & CEO

Certain disclosure in this release, including statements regarding the Company's intention to carry out a private placement financing and the use of proceeds from such financing constitute "forward-looking information" within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain regulatory approval of the private placement financing and is otherwise able to complete the private placement financing. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, among others, financing risks, delays in obtaining or inability to obtain required regulatory approvals and inability to complete the private placement financing. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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